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Highlights

Fixed rate of:

0.10%

AER1 / Gross2 P.A.

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Summary box

Please read this information before applying for this account

Account name: 3 Month Business Term Deposit

% Gross2% AER1
0.100.10

Interest will be paid at maturity.

Rates are fixed until the maturity date. This means we cannot change the rate until after the fixed rate period.

Account nameFixed termProjected balance
Business Term Deposit Account3 months£1,000.25

This projection is provided for illustrative purposes only and does not take into account your particular circumstances. This is based on no withdrawals or further deposits being made and interest being added to the account.

Opening your account:

  • You can apply for a Business Term Deposit Account if:
    • Your business is based and operates in the UK (excluding Channel Islands, Isle of Man & Northern Ireland);
    • All owners, directors, senior management and account signatories are over 18 years old;
    • You are either a Limited Company, Partnership, Limited Liability Partnership, Sole Trader, University or College.
  • You can apply for an account by visiting virginmoney.com/business and following the instructions.
  • Minimum deposit to open is £5,000.
  • Minimum operating balance £5,000.

Depositing money:

  • This account can be withdrawn at any time. Once withdrawn there is a very limited window to make any deposits and any deposits received after this time will be returned to you. We will not contact you to let you know when the Business Term Deposit Account is withdrawn.
  • Maximum deposit limit £25,000,000.
  • If a deposit results in your account going over the maximum deposit limit we will return the additional money to you. If you have interest added to your account the amount of interest will count towards your deposit limit. Once you reach your maximum deposit limit interest will continue to be added to the account but you will no longer be able to add funds.
  • You can add funds into your account by:
    • Arranging an electronic transfer (BACS, CHAPS, Faster Payment Service) from your Business Current Account.
    • Paying in cheques in a Virgin Money Store.
  • Early closure or withdrawals are not permitted until after the fixed rate period as detailed.
  • Ahead of the fixed rate period coming to an end, we will contact you to provide you with a list of options and interest rates available to you at that time, in order for you to make an informed choice.
  • This account is a non-payment account.
  • We pay interest without deducting income tax, unless HMRC/the law requires otherwise. We do not issue Certificates of interest paid and tax deducted automatically. However, once you have requested and received a Certificate of interest paid and tax deducted we will provide further certificates in April each subsequent year that the account remains open and, for closed accounts, in the tax year the account is closed.
  • Please note, the tax treatment depends on the particular circumstances of each business and may change in the future.

Save with confidence

Your deposits with Virgin Money are covered up to £85,000 per business.

View the FSCS guarantee

How to apply

If you're interested in this account, get in touch and we'll help arrange an option that suits you

Get in touch if you're interested in a term deposit account

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If you’re looking for a business savings account, but this account doesn’t seem the right fit for you, we have a range of accounts that might suit you better.

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[1] AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.

[2] Gross P.A. is the rate of interest paid without the deduction of tax.